What are the steps to open a new account in QuickBooks Online?

Hello, @mpatwardhan1. I'm here to guide you through the steps so you can successfully add a new bank account in QuickBooks Online (QBO).

By connecting your bank account to QuickBooks, you can automatically download and categorize your bank transactions, streamlining the update of your bank feeds and saving you time.

1. From the left menu, hover your mouse over Transactions, then choose Bank transactions.

2. Click Link Account.

3. In the Search field, enter the correct URL or name of your bank when you log in to your bank's website.

4. Enter your sign-in information in the Login and Password fields, then select Continue.

5. Select the account you want to connect and the date range for pulling transactions from the dropdown menu. Then, select Next.

Note: Some banks allow you to download the last 90 days of transactions, while others may go back up to 24 months.

6. Choose the Account type from the dropdown, then hit Next.

Note: Select the account type that matches your chart of accounts in QuickBooks. If you don’t see the correct account type, select +Add new.

For new bank accounts: 

1. Click Bank in the Account Type dropdown.
2. Choose Savings or Checking in Detail Type.
3. Give the account a name and then select Save and Close.

For new credit card accounts: 

1. Select Credit Card from the Account Type dropdown menu.
2. Give the account a name and then select Save and Close.

7. In the Existing accounts dropdown, map the bank account, then select Next.

8. Select Connect, then Done.

Note: You can edit the account name in the New account name field or change it.

You can also do it from the Chart of accounts.

Refer to this article for the detailed steps: Connect bank and credit card accounts to QuickBooks Online. 

Furthermore, once you're done adding your new account, feel free to visit this article that'll help you manage your bank transactions in QuickBooks: Categorize online bank transactions in QuickBooks Online.

If you need professional guidance with managing your bank accounts and transactions, you may contact our QuickBooks Live Expert Assisted team. 

After adding your bank account to QuickBooks Online, if you need help with reconciling your account, comment below. I'll be glad to help you. Have a great day.